Did sentiment shift? Short term – yes. For e.g., March 9 snapshot: • BTC ~ $65.9K • Fear & Greed at 8 (extreme fear) • Persistent ETF outflows (BTC + ETH) Macro backdrop: • Regulatory delays • Geopolitical tension • No rate cut signals And 10 days later: • BTC ETFs: ~$1.26B inflows (9 consecutive days) • ETH ETFs: flipped to inflows (5 days) • BlackRock launched ETHB • Strategy added ~$1.57B in BTC Flows improved while sentiment was still weak. Institutions added exposure into fear. Not euphoria, and macro risk remains. Better framed as a shift in positioning, not a full trend reversal. Author: Stacy Muur 📱 X (Twitter) | 📱 Telegram